Apollo dealing net-leased offices A joint venture led by Apollo Real Estate Advisors is marketing a net-leased office complex in Southern California. The 448,000-square-foot property, at 21555 Oxnard Street in Woodland Hills, could sell for about $120 million, or $267/sf. At that price, the buyer’s initial annual yield would be 6%. Secured Capital is handling […]
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On the market nationwide
On the market nationwide * Rising interest rates and the recent weakness in REIT stock prices could cause sky-high mall prices to soften. * A number of malls now on the market could end up in an awkward spot: lacking strong enough performance to attract REITs, yet too high-priced for private players. * General Motors […]
Georgia apartment complex for sale A developer is seeking $25 million for a suburban Atlanta apartment community. Atlanta-based Wilwat Properties has retained CB Richard Ellis to market Tree Ridge Apartment Homes, a 360-unit complex at 2843 Holcomb Ridge Road in Alpharetta. At the asking price, the buyer’s initial annual yield would be 6.5%. The 39-building […]
Lexington Corporate Properties has nixed its planned purchase of the Allianz Building in Burbank, Calif Lexington Corporate Properties has nixed its planned purchase of the Allianz Building in Burbank, Calif. The REIT would have paid about $25 million for the 97,000-sf building, which is located at 2350 Empire Avenue. At that price, its initial annual […]
Rubenstein sets sales of 2 offices Rubenstein Co. has struck deals to sell office towers in Philadelphia and Atlanta for $150.4 million and will use the proceeds to help cash out one of its prime investors, Lazard Freres. Rubenstein is selling the 666,000-square-foot building at 2000 Market Street in Philadelphia to a fund operated by […]
Half-interest in three NY office buildings Investcorp paid about $66.5 million for a 50% stake in three New York office buildings owned by Broadway Real Estate Partners. The deal values the buildings at roughly $133 million, or $135/sf. Two of the properties are on Long Island: Three Huntington Quadrangle in Melville (402,000 sf) and 1979 […]
Minnesota State Board and Seattle City Employees have made commitments to TA Associates’ seventh value-added fund Minnesota State Board and Seattle City Employees have made commitments to TA Associates’ seventh value-added fund. Minnesota State Board pledged $75 million last week. Seattle City Employees made its $15 million commitment last month. TA plans to raise $700 […]
Firm maps apartment buying spree Redevelopment specialist Bascom Group plazas to buy more than $500 million of multi-family properties this year. The Irvine, Calif., firm was an active player in 2003, with $340 million of apartment acquisitions in Southern California and Hawaii. But it is expected to significantly boost its purchases this year by expanding […]
SL Green eyes recap of One Park Avenue An SL Green partnership is seeking to recapitalize the 913,000-square-foot office building at One Park Avenue in Midtown Manhattan. SL Green owns a 55% stake in the building, with the remaining interest held by SITQ, a subsidiary of Caisse de Depot et Placement du Quebec. SL Green […]
David Werner is buying the land beneath two Midtown Manhattan office properties from the Laszlo Tauber Estate David Werner is buying the land beneath two Midtown Manhattan office properties from the Laszlo Tauber Estate. The properties are the 317,000-square-foot building at 445 Park Avenue, which is also owned by the Tauber estate, and the 1.3 […]